2024-11-16T01:51:33-05:00 2023-12-31 990 2023-01-01 453613178 MIFOS INITIATIVE % Edward Cable MIFO 4844778649 6777 Lower Lake Rd Crescent City CA 95531 Edward Cable President CEO 2024-11-16 2023 2024-10-15 13:58:12Z Edward Cable 6777 Lower Lake Rd Crescent City CA 95531 2737018 false X https: mifos.org X 2011 WA We provide education training and tools to enable charitable organizations and social enterprises to deliver financial services to the poor making financial inclusion more affordable accessible and effective to the 3 billion underbanked and unbanked in the world. 6 5 3 150 0 0 41967 315819 2210084 2407482 0 13717 0 0 2252051 2737018 0 0 0 0 106263 134475 0 0 0 1375024 2687855 1481287 2822330 770764 -85312 789916 706500 9973 11624 779943 694876 We provide education training and tools to enable charitable organizations and social enterprises to deliver financial services to the poor making financial inclusion more affordable accessible and effective to the 3 billion underbanked and unbanked in the world. false false 2030317 0 2326667 Software Development Dev: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. In 2023 we shipped the Mifos X 23.12 release in December which contained significant upstream contributions providing greater scalability and support for greater precision and flexibility around lending and better tools for servicing customers. These upstream contributions have also yielded a brand new and more comprehensive test framework improving the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Within the Payment Hub EE our opensource payments orchestration software through our GovStack efforts we built in new functionalities around bulk processing of payments an Identity Account Mapping Service which is able to be adopted for use by the opensource community independently of PHEE and an improved user experience. By aligning Payment Hub EE we are enabling financial inclusion for citizens of governments adopting the software through a range of payment methods. Our class of Mifos and Google Summer of Code interns contributed in numerous ways around our web and mobile apps including the launch of Mojafos a tool for streamlining deployment of digital public goods for financial inclusion. We now have a strong suite of digital public goods and an active upstream community to extend and maintain them. We continued participating in the Azure Credits for Open Source Projects for a third year to provide sandboxes to end users to evaluate and test our digital public goods for financial inclusion. 760108 0 396634 Community Development COMM: The global Mifos community is made up of financial institutions local technology partners and volunteers who use support and develop the software respectively. We provide the tools framework governance and infrastructure for global collaboration and conduct outreach & advocacy to reach new users recruit new partners and attract new volunteers. Our customer reach continued to grow with more than 35M clients reached by 500+ institutions. In 2023 we made numerous strides in establishing a deeper presence within the digital public infrastructure movement and demonstrating the viability of our ecosystem through highlighting the impact of numerous deployments of our software at scale. We were selected by the ITU DIAL and GIZ to design and implement the payment-building block specification as part of its GovStack Initiative to enable a whole of government approach around adoption enterprise architecture centered around open source digital public goods. We kicked this project off March of 2023. With a grant from the Co-Develop Fund UNF we also aligned our GovStack work with the G2P Connect interoperability specification to enable interoperability amongst digital public goods and also deepened our collaboration with our digital public goods. We also were a founding member of the Open Wallet Foundation launched by Linux Foundation in February 2023. We continued to refine and strengthen our partner program of local support providers and highlighted some of their successes in 2023 including a use case for lending at scale globally rollout of the SIBI system built on top of Mifos for a nationwide financial inclusion program in Mexico and integration with Pix Instant Payments in Brazil via Payment Hub EE by Fintecheando. All of these projects serve as exemplar case studies and examples for our community to adopt scalable inclusive fintech worldwide. Our commitment to building the next generation of technology contributors in financial inclusion continued with our participation in Google Summer of Code for the 11th year mentoring ten interns and launching our inaugural Mifos Summer of Code program with four interns. Volunteers were a critical part of the community contributing their time to help with product management translations and outreach across the community. 20763 0 0 Education Edu: With momentum growing as an active participant in the GovStack G2P Connect and Digital Public Goods Alliance Initiatives a major focus of 2023 was advocacy around interoperability amongst digital public goods for creation of digital infrastructure of payment using Mifos digital public goods for orchestrating payments and managing wallets and accounts enabling the delivery of financial services last mile. We spoke and attended numerous events globally including the MOSIP Country Conversations and G2P Connect Workshop in Bangalore India in March 2023 focusing on interoperability of digital public goods for use cases like digitization of social protection programs. We spoke at two Mojaloop OSS meetings - one in Kigali Rwanda in March and in Lusaka Zambia in October speaking on harmonization and integration between complementary digital public goods to build end to end digital public infrastructure solutions. We also attended the Digital Public Goods Alliance Annual Members Meeting in Ethiopia in November. Aside from the DPI space we actively highlighted the scalability of our open source solutions in the fintech and open source circles by attending Fintech DevCon in Austin and co-leading the fintech track at Community over Code North America in Halifax. We welcomed to our board of directors Shashi Raghunandan and Min Tha Gyaw as two strong advocates for inclusive fintech solutions for governments and last-mile financial institutions. We continued to nurture and grow our community via its Slack space gradually improving upon documentation and volunteer collaboration. Through our Mifos Internships and GSOC involvement we have spent effort mentoring and educating the next generation of open source contributors to enable them to be able to grow and tackle the challenges that need to be addressed for last mile inclusion. Through the GovStack work we have also had multiple opportunities to talk to Governments about the importance of last mile inclusion including face to face engagement with the Egyptian Government and numerous online meetings. 0 0 0 2811188 true true false false false false false false false false false false false false true false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 true 3 true false false false false false false false 0 false false false false false false false false X 6 5 false false false false false false false true true true false true true true true false false true true false X X Edward Cable 4844778649 6777 Lower Lake Rd Crescent City CA 95531 Edward Cable President CEO 40.00 0.00 X X X 110016 0 0 Michael Vorburger Director Secretary 2.00 0.00 X X 0 0 0 Allison Baller Director Treasurer 4.00 0 X X 0 0 0 Shashi Raghunandan Director 2.00 0 X 0 0 0 Min Tha Gyaw Director 2.00 0 X 0 0 0 Zaheda Bhorat Director 2.00 0 X 0 0 0 110016 0 0 1 false false false BaaSFlow Inc 1752 NW Market Street Seattle WA 98107 Software Development 1853698 Fynarfin Tech Private Limited 196/1 Third Floor KMS Arcade Dommasandra Sarjapur Main Road Bengaluru Karnataka IN 562125 Software Development 307733 Paysys Labs A4 704B Building no A4 Al Hamra Industrial Zone FZ Ras Al Khaimah UAE AE 00000 Architectural Design, Training 109319 Scaled Agile Consultancy Ltd 50 Princes Street Ipswich Suffolk UK IP1 1RJ Project Management 108367 5 0 0 0 0 0 315819 0 315819 Hosting 6000 6000 0 0 Comm - Tech Assistance 74815 74815 0 0 Dev - Tech Assistance 2326667 2326667 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2407482 13717 13717 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2737018 2421199 0 0 X 0 0 0 0 0 0 0 0 110016 110016 0 0 0 0 0 0 6298 6298 0 0 0 0 0 0 9095 9095 0 0 9066 9066 0 0 0 0 0 0 0 0 0 0 3764 0 3764 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10563 10563 0 0 1209 0 1209 0 13522 13422 100 0 0 0 0 0 0 0 0 0 0 0 0 0 20252 20252 0 0 1268 1268 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6069 0 6069 0 Sub-Contractors 2631208 2631208 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2822330 2811188 11142 0 0 0 0 0 789977 706561 0 0 0 0 -90 -90 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29 29 789916 706500 9973 8360 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3264 9973 11624 X 0 0 0 0 779943 694876 779943 694876 789916 706500 -85312 0 0 0 245 0 X false false false X 676771 57097 157331 41967 315819 1248985 37071 12506 173814 2210083 2407482 4840956 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 713842 69603 331145 2252050 2723301 6089941 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6089941 0 1862 0 0 13717 15579 0 0 0 0 0 0 0 1862 0 0 13717 15579 0 0 0 0 0 0 0 0 0 0 0 0 713842 71465 331145 2252050 2737018 6105520 0.9974 0.9995 0.0026 0.0005 X Part III - Line 12 | Year:, Amount:, Description:| 2019, , | 2020, | 2021, | 2022, | 2023, | RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2104 CA Payroll liabilities 836 WA Payroll Liabilities 324 3264 false South Asia 0 8 Program services Comm Dev 469224 Europe Including Iceland and Greenland 0 2 Program services Comm Dev 149181 Central America and the Caribbean 0 1 Program services Comm Software Dev 49787 Middle East and North Africa 0 1 Program services Comm Dev 109319 0 12 0 12 777511 777511 false false false false false false Part VI, Line 11b This Form 990 was emailed to all board members for review and comment. Part VI, Line 12c The policy is reviewed and renewed once each year by the board at the Annual Meeting. Throughout the year the employee President CEO evaluates business transactions agreements and relationships for compliance with the policy. Part VI, Line 15 Our board are experienced non-profit and open soruce program executives with significant knowledge of current pay rates in the non-profit and open source sectors. They used this knowledge to determine that the Mifos Initiative compensation is appropriate. Part VI, Line 19 We post such documents to our website - https: mifos.org Part VI, line 9 | Name of the person:, Address of the person:| Edward Cable, 6777 Lower Lake Rd, 6777 Lower Lake Rd, 6777 Lower Lake Rd, CA, 95531| Allison Baller, 1546 NW 56th Street #4, 1546 NW 56th Street #4, 1546 NW 56th Street #4, WA, 98107| Michael Vorburger, 1546 NW 56th Street #409, 1546 NW 56th Street #409, 1546 NW 56th Street #409, WA, 98107| Min Tha Gyaw, 1546 NW 56th Street #409, 1546 NW 56th Street #409, 1546 NW 56th Street #409, WA, 98107| Zaheda Bhorat, 1546 NW 56th Street #4, 1546 NW 56th Street #4, 1546 NW 56th Street #4, WA, 98107| Part IX Line 24 | Explanation:| Subcontractors - Software Development - USA - $1,853,698 | Subcontractors - Software Development - India - $130,910 | Subcontractors - Software Development - Latin America - $45,710 | Subcontractors - Community Development - India - $331,114 | Subcontractors - Community Development - Europe - $149,181 | Subcontraxtors - Community Devleopment - Latin America - $4,077 | Subcontractors - Community Development - UAE - $109,319 | Subcontractors - Education - India - $7,200